You can raise the deductibles; you can make it actual cash value or functional replacement cost! 

The issue is that I would like to manage this property myself and would like to be known as the property manager and not a landlord.Since the property is under my name, I was wondering if there was a way to have them write out their checks to a company name rather than my name for obvious reasons stated above.

It seems to me that a good company would want to write an operations manual instead of a training course. 

Most will tell you STRs are a lot of work and I won't disagree with that if you don't know what you are doing.I will say though, we have been able to put together some rock-solid systems and processes to streamline that to minimize the work and maximize the returns.My business partner and I are actually writing a chapter in a new book that is coming out this year about unique stays.

For background info, this is going to be a rental to students at a local grad school who will prioritize function over aesthetic. 

Any other bidder has to write a check for that amount, PLUS the amount over that to reach their winning bid.

There is also a building that was previously used as a recording studio with a half bath (that isn’t currently functional).It needs some work.

I am not writing this never happens, so be forewarned, but you asked for pitfalls.

Assuming you're stuck on renting it as a "duplex", you write a lease for 3 bedrooms and the named bathroom (s) for each tenant.

I was thinking of writing in my lease something to the affect of "ceiling fans were left here from previous renter, landlord will not replace/maintain ceiling fans.